Market announcement
Nordic Fibreboard AS
Category
Management interim statement or quarterly financial report
Date
29.02.2008 16:37:59
Title
Viisnurk auditeerimata majandustulemused IV kvartal ja 2007 aasta
Message
Lühiülevaade peamistest tegevustest 2007 aastal ja edasised plaanid 2007 aastal toimusid Viisnurga arengus mitmed olulised sündmusesed. Ettevõtte jagunes kinnisvara ja tootmisettevõtteks, jaekaubanduse edasiseks kiireks arendamiseks loodi müügiorganisatsioonid Lätis, Leedus ja Ukrainas ning käivitati täiendav Isotex siseviimistlusplaatide tootmisliin. Mööbli jaekaubanduse kasv ja oma kauplusevõrgu laiendamine on üldiselt läinud plaanipäraselt. Riias vahetati kaupluse asukoht soodsama vastu. Uues kohas käivitus müük kohe pärast avamist hästi ja ületas juba esimese kuuga eelmises asukohas asunud kaupluse müügimahu taseme. 2007 aasta lõpus opereeris Skano kuut kauplust Baltimaades ja ühte Ukrainas. Jaemüük kasvas 2007 aastal 98% võrreldes 2006 aastaga ning 31.12.2006 seisuga olemas olnud kaupluste müük on 2007 aastal kasvanud 62%. Uute kaupluste avamisi valmistatakse ette ja 2008 aasta I kvartalis avatakse Ukrainas üks kauplus ja II kvartalis on plaanis avada seal veel kolm kauplust. Aastatel 2008-2009 on plaanis avada kokku 16 kauplust Ukrainas ja Kesk-Euroopas. Jaekaubanduse üksuse loomisega sisenes AS Viisnurk mööbli ja sisustuskaupade jaemüügi ärivaldkonda, mida opereerib 1. septembril 2003. aastal registreeritud AS Viisnurga 100% osalusega äriühing OÜ Skano ja selle tütarfirmad Lätis, Leedus ja Ukrainas. Mööblivabrik on muutnud tooteportfelli oluliselt kitsamaks, praktiliselt on lõpetatud männimööbli tootmine ja keskendutud kõige kasumlikumatele tootesarjadele. Lõpetatud on uute allhankesarjade otsimine ja tehakse ettevalmistusi rahuldamaks jaeäri kasvuga seotud nõudmisi. Keskendutakse oma kahe peamise tooteseeria, Björkkvist/Boknäs ja Villinki, kasumlikule tootmisele parandamaks efektiivsust. Juba täna moodustavad nimetatud tootesarjad üle 90% Viisnurga mööblidivisjoni tootmisest ning 90% toodangust eksporditakse väljaspoole Baltimaid. Juhtkond näeb reserve eelkõige spetsialiseerumisest tulenevas kvaliteedi paranemises ning erinevate tootesarjade jaoks tootmise ümberseadistamisega kaotatud aja minimeerimises. Mõlema tootesarja osas on turg näidanud kasvavat nõudlust ning nende klassikalise disaini tõttu on ka trendidest tulenev nõudluse languse risk väike. Mööblitootmise kasvu mootoritena näeb juhatus lisaks oma jaekaubanduse nõudluse kasvule ka Skandinaavia ja Venemaa klientide müügistrateegia muutusi ning müügivõrgu kasvu. Ehitusmaterjalide divisjonis töötas 2007 aasta lõpus uus siseviimistlusplaatide Isotexi tootmisliin ühes vahetuses. Sellega on loodud võimalus kasumlikkuse ja marginaalide kasvuks järgmistel perioodidel. Eesmärgiks on aastaks 2009 kogu uue liini tootmisvõimsus ära kasutada ning kogu tootmismahu mahamüümiseks plaanitakse suhteliselt suuremaid turunduskulusid aastaks 2008. Üldehitusplaatide müük on 2007 aastal võrreldes 2006 aastaga kasvanud 23% ja siseviimistlusplaatide müük 12%. Kuigi 2007 aasta tulemus on nõrgem kui eelnevalt prognoositud, on 2008 aasta alguse tulemused uuesti tõusuteel ja ületavad esialgseid ootusi. Peamiseks teguriks prognoosile alla jäämisel oli oodatust väiksem müük novembris ja detsembris. Hoolimata Skano jaemüügi laienemisga seotud kuludest, mis olid 2007 aastal kokku 5,4 mln krooni (345 tuhat eurot)ja eelnevatel perioodidel toodetud lõpetatud sarjade laojääkide mahakandmisega seotud kulu kokku 0,9 mln krooni (57 tuhat eurot), on ettevõtte kasum kasvanud 2006 aasta 12,5 mln kroonilt (800 tuhandelt eurolt) 2007 aastal 12,7 mln kroonini (809 tuhande euroni). 2008 aastaks planeerib juhtkond kasumit 20 mln krooni (1,3 mln eurot). Seejuures oluline kasumi kasv on prognoositud II poolaastasse. Esimeses kvartalis eelmise aasta tulemuse saavutamist ei planeerita, seda eelkõige jaemüügi organisatsiooni kasvust tingitud ühekordsete kulude tõttu. Samuti oli 2007 aasta tulemus väga tugev ehitusmaterjalide divisjonis, mis oli tingitud väga suurest nõudlusest ja kõigi laovarude välja müümisest 2007 aasta esimeses kvartalis (kogu grupi tasandil saavutati eelmise aasta I kvartalis 58% 2007 aasta netokasumist). Juhtkond prognoosis 2008 aasta I kvartalit võrreldes 2007 aastaga oluliselt tagasihoidlikumaks, kuid esialgsed tulemused lubavad oodata juhtkonna prognoosidest paremaid tulemusi, mis siiski jäävad alla 2007 aasta esimese kvartali tulemusele. 2007 aasta lõpuks on jagunemisega seotud toimingud lõpetatud ja ettevõtete tegevused eraldatud. Pärnus, Rääma tänaval, ehitusmaterjalide divisjoni kõrval asuva kinnisvaraobjekti arendamine toimub plaanipäraselt, alustatud on detailplaneeringu koostamisega, mis annab võimaluse tulevikus ala täiendavalt väärtustada või kasulikumalt realiseerida. Arhitektuurikonkursi võitis OÜ Arhitektuuribüroo Luhse ja Tuhal. Kavandatavaks ehitusmahuks on 60 tuh m2 (sealhulgas esimeses osas 21 tuh m2). Arhitektuurikonkurss toimus kogu Rääma 31 kinnistu kohta, millest esimese osa moodustab praeguse kinnisvaraarenduse piirkond alla 2 ha suuruse pindalaga. Teise osa arendamise eeltingimuseks oleks ehitusmaterjalide divisjoni töö lõpetamine sellel territooriumil. Ettevõtte hinnangul ei ole lähitulevikus ehitusmaterjalide divisjoni töö lõpetamine otstarbekas ja tegemist on pigem tulevikku suunatud võimalusega. 12 kuud 2007 AS Viisnurk 2007 aasta müügitulu oli 249,5 mln krooni/15,9 mln eurot (2006: 226,9 mln krooni/14,5 mln eurot) ning puhaskasum 12,7 mln krooni/0,8 mln eurot (2006: 12,5 mln krooni/0,8 mln eurot). Viisnurga koguvarade maht oli 31.12.2007 seisuga 157,4 mln krooni/10,1 mln eurot (31.12.2006: 144,1 mln krooni/9,2 mln eurot), millest ettevõtte kohustused moodustasid 31.12.2007 seisuga 86,2 mln krooni/5,5 mln eurot (31.12.2006: 78,1 mln krooni/5,0 mln eurot) ehk 55% (31.12.2006: 54%). Mööblidivisjoni käive oli 2007 aastal 136,2 mln krooni/8,7 mln eurot (2006: 132,3 mln krooni/8,5 mln eurot) ja kasum 4,2 mln krooni/0,3 mln eurot (2006: 5,5 mln krooni/0,4 mln eurot). Ehitusmaterjalide divisjoni käive oli 2007 aastal 112,9 mln krooni/7,2 mln eurot (2006: 94,6 mln krooni/6,0 mln eurot) ja kasum 14,2 mln krooni/0,9 mln eurot (2006: 11,7 mln krooni/0,7 mln eurot). Divisjonide kasumis ei ole arvestatud kontserni üldhalduskulusid 2007 aastal summas 2,5 mln krooni/0,2 mln eurot (2006: 1,7 mln krooni/0,1 mln eurot), mis on ärisegmentide aruandes kajastatud jagamata kuludena ja neto finantskulusid 2007 aastal summas 2,8 mln krooni/0,2 mln eurot (2006: 2,5 mln krooni/0,2 mln eurot). 29.06.2007 allkirjastati AS Viisnurk jagunemiskava, mille tulemusena eraldus endisest Viisnurgast tootmisega tegelev osa - ehitusmaterjalide division ja mööblidivisjon. Otsuse kiitis heaks 06.08.2007 toimunud aktsionäride erakorraline üldkoosolek ja jagunemine registreeriti Äriregistris 19.09.2007. Eraldunud tootmisega tegelev üksus sai nimeks AS Viisnurk ja Tallinna Börsi põhinimekirjas alustati Viisnurga aktsiaga kauplemist 25.09.2007. AS Viisnurk omab oma põhitegevuseks vajalikku kinnisvara, samuti Rääma tänava kinnisvaraarenduse projekti. Eraldus üksnes Niidu tänava kinnisvara, mida ei kasutatud Viisnurga põhitegevuseks. Käesolevas aruandes on elimineeritud eraldunud üksusega seotud varad, kohustused, tulud ja kulud. IV kvartal 2007 Aruandeaasta IV kvartali müügitulu oli 69,0 mln krooni/4,4 mln eurot (2006: 66,7 mln krooni/4,3 mln eurot) ja puhaskasum 1,3 mln krooni /80 tuhat eurot (2006: 4,6 mln krooni/293 tuhat eurot). Ettevõtte 2007 aasta IV kvartali tulemused on võrreldes 2006 aasta IV kvartaliga jäänud tagasihoidlikumaks nii mööblidivisjonis kui ka ehitusmaterjalide divisjonis. Mööblidivisjonis jäi planeeritust maha jaemüügi kasv ja seda peamiselt Kiievi kaupluse avamise edasilükkumise tõttu. Samuti oli aasta lõpus planeeritust väiksem müük Soome suunal. Ehitusmaterjalide divisjonis said aasta müügilepingutega võetud kogused täidetud ja märkimisväärseid lisakoguseid ei müüdud. Mööblidivisjoni käive oli 2007 aasta IV kvartalis 41,8 mln krooni/2,7 mln eurot (2006 IV kv: 40,5 mln krooni/2,6 mln eurot) ja kasum 1,4 mln krooni/86 tuh eurot (2006 IV kv: 2,5 mln krooni/158 tuh eurot). Ehitusmaterjalide divisjoni käive oli 2007 aasta IV kvartalis 27,2 mln krooni/1,7 mln eurot (2006 IV kv: 26,2 mln krooni/1,7 mln eurot) ja kasum 1,6 mln krooni/103 tuh eurot (2006 IV kv: 3,1 mln krooni/198 tuh eurot). Divisjonide 2007 aasta IV kvartali kasumis ei ole arvestatud kontserni üldhalduskulusid summas 0,8 mln krooni/54 tuhat eurot ja finantskulusid 0,9 mln krooni/55 tuhat eurot (2006: üldhalduskulud 0,3 mln krooni/20 tuhat eurot ja finantskulud 0,7 mln krooni/43 tuhat eurot), mis on ärisegmentide aruandes kajastatud jagamata kuludena. Ärivaldkondade ülevaade -------------------------------------------------------------------------------- | tuh EEK | Müügitulu | Majandustulemus | -------------------------------------------------------------------------------- | | 2007 | 2006 | 2007 | 2006 | -------------------------------------------------------------------------------- | Mööblidivisjon | 136 626 | 132 287 | 4 207 | 5 541 | -------------------------------------------------------------------------------- | s.h. jaemüük (Skano) | 22 514 | 11 348 | (1 090) | 951 | -------------------------------------------------------------------------------- | Ehitusmaterjalide | 112 896 | 94 581 | 14 208 | 11 674 | | divisjon | | | | | -------------------------------------------------------------------------------- | KOKKU | 249 522 | 226 868 | 18 415 | 17 215 | -------------------------------------------------------------------------------- | Jagamata kulud | | | (2 466) | (1 724) | -------------------------------------------------------------------------------- | ÄRIKASUM | | | 15 949 | 15 491 | -------------------------------------------------------------------------------- | Neto finantskulud | | | (2 817) | (2 536) | -------------------------------------------------------------------------------- | KASUM ENNE TULUMAKSU | | | 13 132 | 12 955 | -------------------------------------------------------------------------------- | Tulumaks | | | (475) | (438) | -------------------------------------------------------------------------------- | PUHASKASUM | | | 12 657 | 12 517 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | tuh EUR | Müügitulu | Majandustulemus | -------------------------------------------------------------------------------- | | 2007 | 2006 | 2007 | 2006 | -------------------------------------------------------------------------------- | Mööblidivisjon | 8 732 | 8 455 | 269 | 354 | -------------------------------------------------------------------------------- | s.h. jaemüük (Skano) | 1 439 | 725 | (70) | 61 | -------------------------------------------------------------------------------- | Ehitusmaterjalide | 7 215 | 6 045 | 908 | 747 | | divisjon | | | | | -------------------------------------------------------------------------------- | KOKKU | 15 947 | 14 500 | 1 177 | 1 101 | -------------------------------------------------------------------------------- | Jagamata kulud | | | (158) | (111) | -------------------------------------------------------------------------------- | ÄRIKASUM | | | 1 019 | 990 | -------------------------------------------------------------------------------- | Neto finantskulud | | | (180) | (162) | -------------------------------------------------------------------------------- | KASUM ENNE TULUMAKSU | | | 839 | 828 | -------------------------------------------------------------------------------- | Tulumaks | | | (30) | (28) | -------------------------------------------------------------------------------- | PUHASKASUM | | | 809 | 800 | -------------------------------------------------------------------------------- Mööblidivisjon Viisnurga mööblidivisjoni 2007 aasta müügitulu oli 136,6 mln krooni/8,7 mln eurot (2006: 132,3 mln eurot/8,5 mln eurot) ning majandustulemus 4,2 mln krooni/269 tuhat eurot (2006: 5,5 mln krooni/354 tuhat eurot) kasumit. Võrreldes eelmise aastaga on divisjoni käive suurenenud 4,3 mln krooni/277 tuhat eurot. Mööbli tootmine Mööblidivisjoni 2007 aasta müük ühel põhiturul Venemaal on läinud vastavalt planeeritule ja võrreldes 2006 aastaga on müük kasvanud. Samas on IV kvartalis müük Soome jäänud planeeritule alla. Järgnev müügikasv tuleb peamiselt läbi oma jaemüügi kasvu. Mööbli jaemüük - Skano Mööblidivisjoni jaekaubanduse valdkonnas jätkati 2007 aasta IV kvartalis tegevusi strateegiakohaseks jaeäri laiendamiseks lähiturgudele. Jaeäri laienemine hõlmab endas kodumööblit ja sisustuskaupasid pakkuvate uute kaupluste avamist erinevatel Ida-Euroopa turgudel. Samuti otsitakse võimalusi sisenemiseks Kesk-Euroopa turule. Mööblidivisjoni jaemüük näitab endiselt kasvutendentsi. Käesoleval aastal on jaemüük kasvanud 98% võrreldes eelmise aastaga. Sealjuures on seisuga 31.12.2006 olemasolevate kaupluste müük aastaga tõusnud 62%. IV kvartalisse plaanitud Kiievi (Ukraina) kaupluse avamine lükkus 2008 aasta I kvartalisse. 2007 aastal on jaeäri laienemiskulud olnud ca 5,4 mln krooni/345 tuhat eurot. See summa sisaldab endas jaeäri administratiivkulusid ning Leedus ja Ukrainas avatud kaupluste kahjumeid. Ehitusmaterjalide divisjon Ehitusmaterjalide divisjonis saavutati 2007 aastal müügituluks 112,9 mln krooni/7,2 mln eurot ja kasumiks 14,2 mln krooni/0,9 mln eurot. Eelmisel aastal oli divisjoni käive 94,6 mln krooni/6,0 mln eurot ja kasum 11,7 mln krooni/0,7 mln eurot. Võrreldes eelmise aastaga on divisjoni käive suurenenud 18,3 mln krooni/1,2 mln eurot ja kasum 2,5 mln krooni/0,2 mln eurot. Üldehitusplaadid 2007 aasta kaheteistkümne kuu tulemustele on avaldanud enim mõju Isoplaat tuuletõkkeplaatide müügi kasv Põhja-Euroopas. Tuuletõkkeplaatide nõudlus on endiselt suur ka siseturul. Teistel naaberturgudel, ennekõike Lätis ja Venemaal, on kasvanud põrandaplaatide müük. Üldehitusplaatide müügist oli suurima osakaaluga tooterühmaks tuuletõkkeplaadid. Siseviimistlusplaadid Oktoobris täienes tektsiilkattega seinaplaatide valik 3 uue katte võrra, mis teevad kogu tootevaliku märgatavalt atraktiivsemaks ja aitavad selgelt eristuda tihedas konkurentsis. Siseviimistlusplaatide müügist moodustasid laeplaadid 78% (2006: 80%) ja seinaplaadid vastavalt 22% (2006: 20%). Isotex-siseviimistlusplaatide müük moodustas 2007. aastal 35% (2006: 42%) kogu divisioni müügist. Siseviimistlusplaate toodetakse alates 1996. aastast ning neid müüakse 100% oma kaubamärgi Isotex all. Konsolideeritud bilanss (pro forma) -------------------------------------------------------------------------------- | | tuh EEK | tuh EEK | tuh EUR | tuh EUR | -------------------------------------------------------------------------------- | | 31.12.200 | 31.12.200 | 31.12.2007 | 31.12.2006 | | | 7 | 6 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Raha | 6 006 | 12 234 | 384 | 782 | -------------------------------------------------------------------------------- | Nõuded ja ettemaksud | 29 859 | 26 630 | 1 908 | 1 701 | -------------------------------------------------------------------------------- | Varud | 51 551 | 44 970 | 3 295 | 2 874 | -------------------------------------------------------------------------------- | Käibevara kokku | 3 191 | 0 | 204 | 0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Kinnisvarainvesteeringud | 2 893 | 2 903 | 185 | 186 | -------------------------------------------------------------------------------- | Materiaalne põhivara | 63 727 | 56 745 | 4 073 | 3 627 | -------------------------------------------------------------------------------- | Immateriaalne põhivara | 220 | 650 | 14 | 42 | -------------------------------------------------------------------------------- | Põhivara kokku | 66 840 | 60 298 | 4 272 | 3 855 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | AKTIVA KOKKU | 157 447 | 144 132 | 10 063 | 9 212 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Laenukohustused | 8 782 | 19 017 | 561 | 1 215 | -------------------------------------------------------------------------------- | Võlad ja ettemaksed | 37 488 | 30 230 | 2 396 | 1 932 | -------------------------------------------------------------------------------- | Lühiajalised eraldised | 264 | 221 | 17 | 15 | -------------------------------------------------------------------------------- | Lühiajalised kohustused | 46 534 | 49 468 | 2 974 | 3 162 | | kokku | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Pikaajalised | 36 734 | 25 574 | 2 348 | 1 634 | | laenukohustused | | | | | -------------------------------------------------------------------------------- | Pikaajalised eraldised | 2 936 | 3 047 | 188 | 195 | -------------------------------------------------------------------------------- | Pikaajalised kohustused | 39 670 | 28 621 | 2 536 | 1 829 | | kokku | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Kohustused kokku | 86 204 | 78 089 | 5 510 | 4 991 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Aktsiakapital | 44 991 | 44 991 | 2 875 | 2 875 | | nimiväärtuses | | | | | -------------------------------------------------------------------------------- | Ülekurss | 5 698 | 7 795 | 364 | 498 | -------------------------------------------------------------------------------- | Kohustuslik reservkapital | 4 499 | 4 499 | 288 | 288 | -------------------------------------------------------------------------------- | Muud reservid | 39 | 0 | 2 | 0 | -------------------------------------------------------------------------------- | Eelmiste perioodide | 3 359 | (3 759) | 215 | (240) | | jaotamata kasum | | | | | -------------------------------------------------------------------------------- | Aruandeaasta | 12 657 | 12 517 | 809 | 800 | -------------------------------------------------------------------------------- | Omakapital kokku | 71 243 | 66 043 | 4 553 | 4 221 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | PASSIVA KOKKU | 157 447 | 144 132 | 10 063 | 9 212 | -------------------------------------------------------------------------------- Konsolideeritud kasumiaruanne (pro forma) -------------------------------------------------------------------------------- | | tuh EEK | tuh EEK | tuh EUR | tuh EUR | -------------------------------------------------------------------------------- | | 2007 | 2006 | 2007 | 2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Müügitulu | 249 522 | 226 868 | 15 947 | 14 500 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Müüdud toodangu kulu | (199 796) | (187 989) | (12 769) | (12 015) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Brutokasum | 49 726 | 38 879 | 3 178 | 2 485 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Turustuskulud | (30 021) | (21 258) | (1 919) | (1 358) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Üldhalduskulud | (2 466) | (1 724) | (158) | (111) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Muud äritulud | 206 | 526 | 13 | 34 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Muud ärikulud | (1 496) | (932) | (95) | (60) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Ärikasum | 15 949 | 15 491 | 1 019 | 990 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Neto finantskulu | (2 817) | (2 536) | (180) | (162) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Kasum enne tulumaksu | 13 132 | 12 955 | 839 | 828 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Dividendide tulumaks | (475) | (438) | (30) | (28) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | PERIOODI PUHASKASUM | 12 657 | 12 517 | 809 | 800 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Tava puhaskasum aktsia kohta | 2,81 | 2,78 | 0,18 | 0,18 | -------------------------------------------------------------------------------- | Lahustatud puhaskasum aktsia | 2,81 | 2,78 | 0,18 | 0,18 | | kohta | | | | | -------------------------------------------------------------------------------- Einar Pähkel Finantsdirektor 447 8331 einar.pahkel@viisnurk.ee
Title
Viisnurk financial result, 4th quarter and 12 months of 2007
Message
Short review of 2007 and future plans In 2007, several important events took place in the development of Viisnurk. The enterprise was divided into real estate and production enterprise. Sales organizations in Latvia, Lithuania and Ukraine were created for the quick development of retail trade and an additional production line of Isotex interior finishing boards was started. Increase of furniture retail trade and the expansion of our network of stores have generally gone according to the plan. In Riga, the location of the store was exchanged for a more favourable one. Sales began well in the new location right after opening and exceeded the volume of sales of the previous store already in the first month. In the end of 2007, Skano operated six stores in the Baltic states and one in Ukraine. Retail sale increased 98% in 2007 compared to 2006 and the sale in stores existing as of 31.12.2006 has increased 62% in 2007. The openings of new stores are being prepared and one store shall be opened in the 1st quarter of 2008 in Ukraine and the plan is to open three more shops in Ukraine in the 2nd quarter. It is planned to open 16 stores in Ukraine and Central Europe in 2008-2009. Upon creating the retail unit, AS Viisnurk entered the business area of the retail of furniture and furnishing goods that is operated by a private limited company Skano, registered on September 1, 2003 and its subsidiaries in Latvia, Lithuania and Ukraine. AS Viisnurk holds 100% of the shares of OÜ Skano. The furniture factory has considerably narrowed its product portfolio. The production of pine furniture has basically been terminated and the most profitable production lines have been put into focus. Searching for new out-sourced lines has been terminated and preparations are being made in order to satisfy the demands related to the increase in retail business. The company has made a decision to focus on the profitable production of two basic product lines, namely Björkkvist/Boknäs and Villinki in order to improve the efficiency. Already today, the aforementioned product lines make more than 90% of the production of Viisnurk Furniture Division and 90% of the production is exported outside the Baltic states. Above all, the management board foresees that there are some reserves concerning the improvement of quality due to specialization and minimizing the time lost due to re-adjustments made for different product lines. The market has shown an increasing demand for both product lines and because of their classical design, there is little risk that the demand would decrease due to trends. Besides the increase of demand in its retail trade, the management board predicts the increase of furniture production due to the changes in the sales strategy of Scandinavian and Russian customers and increase of the sales network. At the end of 2007, new Isotex production line of interior finishing boards operated in Building Materials Division in one shift. This has created an opportunity for the increase of profitability and margins within the following periods. The main goal for 2009 is to utilize the entire production capacity of the new line and considerably larger marketing costs are planned for 2008 in order to sell the entire production volume. The sale of general construction boards has increased 23% in 2007 compared to 2006 and the sale of interior finishing boards has increased 12%. Although the result of 2007 is weaker than previously forecast, the results at the beginning of 2008 are again on the rise and surpass the initial expectations. The main factor of for not meeting the forecast results was a smaller sale in November and December. Despite the costs related to the expansion of Skano retail sale which made the total of 5.4 million kroons (345 thousand euros) in 2007 and the cost related to the writing off of surplus of stock of the product lines terminated in the previous periods in the total of 0.9 million kroons (57 thousand euros), the profit of the enterprise has increased from 12.5 million kroons (800 thousand euros) in 2006 to 12.7 million kroons (809 thousand euros) in 2007. The management board plans a 20 million kroons (1.3 million euros) profit for 2008 whereas a considerable profit growth has been planned in the second half of 2008. It is not planned to achieve the result of the previous year in the 1st quarter as the costs due to the increase of the retail organization are bigger in this period than the revenue received from the opened stores. It is not planned to achieve the result of the previous year in the 1st quarter mainly because of single expenditures due to the growth of retail sale organization. The result in Building Materials Division was also very good in 2007 which was caused by a great demand and the sale of all warehouse stock in the 1st quarter of 2007 (in the level of the entire group, 58% of the net profit of 2007 was achieved in the 1st quarter of the previous year). The management forecast that the 1st quarter of 2008 would be considerably moderate compared to 2007 but actually the initial results allow us to predict better results than what was forecast by the management which nevertheless do not surpass the results of the 1st quarter of 2007. By the end of 2007, the activities related to the division have been completed and the activities of the enterprises have been separated. The development of the real estate object located next to the Building Materials Division in Rääma Street in Pärnu goes according to the plan. Drawing of the detailed plan has been initiated which gives a chance to render additional value to the area in the future or to realize it more profitably. The winner of the architectural competition is Architect's Office Luhse & Tuhal and the planned building volume is 60,000 m² (including 21,000 m² in the first part). The architectural competition encompassed the entire registered immovable of Rääma 31, the first part of which is formed by the present real estate development region with the area of ca 2 ha. The prerequisite for the development of the second part would be the termination of the work of the Building Materials Division on the given territory. In the opinion of the management, the termination of Building Materials Division is not practical in the near future and this is mainly an option for the future. 12 months of 2007 The net sales of AS Viisnurk for the 12 months of 2007 were 249.5 mil. kroons/15.9 mil. euros (226.9 mil. kroons/14.5 mil. euros during the same period in 2006) and the net profit amounted to 12.7 mil. kroons/0.8 mil. euros (12.5 mil. kroons/0.8 mil. euros during the same period in 2006). As of the end of December 2007 the total assets of Viisnurk amounted to 157.4 mil. kroons/10.1 mil. euros (31.12.2006: 144.1 mil. kroons/9.2 mil. euros). The liabilities of the company accounted for 55% (31.12.2006: 54%) thereof, i.e. 86.2 mil. kroons/5.5 mil. euros (31.12.2006: 78.1 mil. kroons/5.0 mil. euros). The turnover of the Furniture Division in the 12 months of 2007 amounted to 136.2 mil. kroons/8.7 mil. euros (132.3 mil. kroons/8.5 mil. euros during the same period in 2006) and the profit amounted to 4.2 mil. kroons/0.3 mil. euros (5.5 mil. kroons/0.4 mil. euros during the same period in 2006). The turnover of the Building Materials Division in the 12 months of 2007 amounted to 112.9 mil. kroons/7.2 mil. euros (94.6 mil. kroons/6.0 mil. euros during the same period in 2006) and the profit amounted to 14.2 mil. kroons/0.9 mil. euros (11.7 mil. kroons/0.7 mil. euros during the same period in 2006). The profit of the Divisions does not reflect the general administrative costs of the corporation in the amount of 2.5 mil. kroons/0.2 mil. euros (1.7 mil. kroons/0.1 mil. euros during the same period in 2006) and the financial expenses of 2.8 mil. kroons/0.2 mil. euros (2.5 mil. kroons/0.2 mil. euros during the same period in 2006) that have been recorded in the report of business segments as unallocated expenses. The division plan of AS Viisnurk was signed on June 29, 2007 as the result of which the part of the previous Viisnurk engaged in production became separate, namely the Furniture and Building Materials Division. The aforementioned decision was also approved by the general meeting of shareholders on August 6, 2007. The division was registered in Commercial Register on September 19, 2007. The separated unit engaged in production named to AS Viisnurk and trading with the share of AS Viisnurk started in Tallinn Stock Exchange on September 25, 2007. The division engaged in production maintain the real estate necessary for its principal activity also in the future as well as the Rääma street real estate development project. Real estate located at Niidu street which was not used in the production activity of Viisnurk, was separated. All assets, liabilities, revenues and costs related to separated unit, are eliminated. 4th quarter of 2007 The net sales of the 4th quarter of the accounting year amounted to 69.0 mil. kroons/4.4 mil. euros (66.7 mil. kroons/4.3 mil. euros in 2006) and the net profit amounted to 1.3 mil. kroons/80 thousand euros (4.6 mil. kroons/293 thousand euros in 2006). The results of the fourth quarter of 2007 of the company compared to the fourth quarter of 2006 have remained more modest both in the Furniture Division and the Building Materials Division. In the Furniture Division the growth of retail sale was smaller than planned mainly due to postponed opening in Kiev. Sales to Finland were also smaller than estimated. In Building Materials Division the quantities agreed on for the year in sales contracts were fulfilled and there was no sale of remarkable additional quantities. The turnover of the Furniture Division in the fourth quarter of 2007 amounted to 41.8 mil. kroons/2.7 mil. euros (40.5 mil. kroons/2.6 mil. euros during the same period in 2006) and the profit amounted to 1.4 mil. kroons/86 thousand euros (profit 2.5 mil. kroons/158 thousand euros in 2006). The turnover of the Building Materials Division in the fourth quarter of 2007 amounted to 27.2 mil. kroons/1.7 mil. euros (26.2 mil. kroons/1.7 mil. euros during the same period in 2006) and the profit amounted to 1.6 mil. kroons/103 thousand euros (3.1 mil. kroons/198 thousand euros in 2006). The profit of the Divisions does not reflect the general administrative costs of the corporation in the amount of 0.8 mil. kroons/54 thousand euros and the financial expenses of 0.9 mil. kroons/55 thousand euros (the general administrative costs 0.3 mil. kroons/20 thousand euros and the financial expenses of 0.7 mil. kroons/43 thousand euros in 2006) that have been recorded in the report of business segments as unallocated expenses. Divisional review: -------------------------------------------------------------------------------- | Th EEK | Net sales | Profit | -------------------------------------------------------------------------------- | | 2007 | 2006 | 2007 | 2006 | -------------------------------------------------------------------------------- | Furniture Division | 136,626 | 132,287 | 4,207 | 5,541 | -------------------------------------------------------------------------------- | Incl. retail (Skano) | 22,514 | 11,348 | (1,090) | 951 | -------------------------------------------------------------------------------- | Building Materials | 112,896 | 94,581 | 14,208 | 11,674 | | Division | | | | | -------------------------------------------------------------------------------- | TOTAL | 249,522 | 226,868 | 18,415 | 17,215 | -------------------------------------------------------------------------------- | Unallocated expenses | | | (2,466) | (1,724) | -------------------------------------------------------------------------------- | OPERATING PROFIT | | | 15,949 | 15,491 | -------------------------------------------------------------------------------- | Net financial costs | | | (2,817) | (2,536) | -------------------------------------------------------------------------------- | PROFIT BEFORE TAXES | | | 13,132 | 12,955 | -------------------------------------------------------------------------------- | Prepaid income tax | | | (475) | (438) | -------------------------------------------------------------------------------- | NET PROFIT | | | 12,657 | 12,517 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Th EUR | Net sales | Profit | -------------------------------------------------------------------------------- | | 2007 | 2006 | 2007 | 2006 | -------------------------------------------------------------------------------- | Furniture Division | 8,732 | 8,455 | 269 | 354 | -------------------------------------------------------------------------------- | Incl. retail (Skano) | 1,439 | 725 | (70) | 61 | -------------------------------------------------------------------------------- | Building Materials | 7,215 | 6,045 | 908 | 747 | | Division | | | | | -------------------------------------------------------------------------------- | TOTAL | 15,947 | 14,500 | 1,177 | 1,101 | -------------------------------------------------------------------------------- | Unallocated expenses | | | (158) | (111) | -------------------------------------------------------------------------------- | OPERATING PROFIT | | | 1,019 | 990 | -------------------------------------------------------------------------------- | Net financial costs | | | (180) | (162) | -------------------------------------------------------------------------------- | PROFIT BEFORE TAXES | | | 839 | 828 | -------------------------------------------------------------------------------- | Prepaid income tax | | | (30) | (28) | -------------------------------------------------------------------------------- | NET PROFIT | | | 809 | 800 | -------------------------------------------------------------------------------- Furniture Division The twelve-month net sales of AS Viisnurk Furniture Division were 136.3 mil. kroons/8.7 mil. euros (2006: 132.3 mil. kroons/8.5 mil. euros) and the economic result 4.2 mil. kroons/269 thousand euros (2006: 5.5 mil kroons/354 thousand euros) as a profit. As compared to the previous year the turnover of the division has increased by 4.3 mil. kroons/277 thousand euros. Furniture Production The Furniture Division's twelve-month sales in the company's basic target market in Russia have proceeded according to the plans and in Finland the fourth quarter was weaker then expected. The following increase in sales is basically the result of the increase in retail sale. Among potential markets the division sees an opportunity to increase sales in Eastern and Central Europe. Furniture Retail - Skano Concerning the retail trade of the Furniture Division, the company continued its strategic activities in the 4th quarter of 2007 in order to expand the retail trade to the neighbouring markets. The expansion of retail business includes opening new stores offering home furniture and furnishing goods in various Eastern European markets. Moreover, the company is searching for possibilities to enter the market of Central Europe. The retail sale of the Furniture Division shows a rising tendency. Within twelve months this year the retail sale has increased by 98% as compared to the same period last year. At the same time, the sales of the stores opened before 31.12.2007 have increased 62% during the twelve months compared to the same period in 2006. Opening of the store in Kiev (Ukraine) in the fourth quarter was postponed and the store will open in the first quarter of 2008. Compared to the 12 months of the previous year, the expansion costs of retail business have been 5.4 million kroons/345 thousand euros. The aforementioned amount includes the administrative costs of retail business and the losses of the stores opened in Lithuania and Ukraine. Building Materials Division The twelve-month net sales of the Building Materials Division amounted to 112.9 mil. kroons/7.2 mil. euros and profit to 14.2 mil. kroons/0.9 mil. euros. In the same period of the last year, the turnover of the division totalled 94.6 mil. kroons/6.0 mil. euros and the net profit 11.7 mil. kroons/0.7 mil. euros. As compared to the previous year the turnover of the division has increased by 18.3 mil. kroons/1.2 mil. euros and the profit by 2.50 mil. kroons/0.2 mil. euros. Building Boards The results of the first nine months of 2007 have most been influenced by the sale success of Isoplaat wind protection boards in Northern Europe. The demand for wind protection boards is big in the domestic market as well. In other neighbouring markets, especially in Latvia and Russia, the sale of floor boards has increased. Wind protection boards were the product group with the largest share in the sale of building boards. Interior Finishing Boards In October, the selection of wall panels with textile cover increased by 3 new covers which make the entire product selection more attractive and help to differentiate clearly in tough competition. Ceiling panels comprised 78% (80% in 2006) and wall panels 22% (20% in 2006) of the sales of interior finishing boards. Sales of Isotex interior finishing boards comprised 35% (2006: 42%) of the total sales of the division in 2007. Interior finishing boards are being produced since 1996 and they are sold 100% under the company's own trademark Isotex. Consolidated balance sheet (pro forma) -------------------------------------------------------------------------------- | | Th EEK | Th EEK | Th EUR | Th EUR | -------------------------------------------------------------------------------- | | 31.12.200 | 31.12.200 | 31.12.2007 | 31.12.2006 | | | 7 | 6 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash and bank | 6,006 | 12,234 | 384 | 782 | -------------------------------------------------------------------------------- | Receivables and | 29,859 | 26,630 | 1,908 | 1,701 | | prepayments | | | | | -------------------------------------------------------------------------------- | Inventories | 51,551 | 44,970 | 3,295 | 2,874 | -------------------------------------------------------------------------------- | Non-current assets held | 3,191 | 0 | 204 | 0 | | for sale | | | | | -------------------------------------------------------------------------------- | Total current assets | 90,607 | 83,834 | 5,791 | 5,357 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Investment property | 2,893 | 2,903 | 185 | 186 | -------------------------------------------------------------------------------- | Tangible fixed assets | 63,727 | 56,745 | 4,073 | 3,627 | -------------------------------------------------------------------------------- | Intangible fixed assets | 220 | 650 | 14 | 42 | -------------------------------------------------------------------------------- | Total fixed assets | 66,840 | 60,298 | 4,272 | 3,855 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL ASSETS | 157,447 | 144,132 | 10,063 | 9,212 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Debt obligations | 8,782 | 19,017 | 561 | 1,215 | -------------------------------------------------------------------------------- | Payables and prepayments | 37,488 | 30,230 | 2,396 | 1,932 | -------------------------------------------------------------------------------- | Short-term provisions | 264 | 221 | 17 | 15 | -------------------------------------------------------------------------------- | Total current liabilities | 46,534 | 49,468 | 2,974 | 3,162 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-current debt | 36,734 | 25,574 | 2,348 | 1,634 | | obligations | | | | | -------------------------------------------------------------------------------- | Non-current provisions | 2,936 | 3,047 | 188 | 195 | -------------------------------------------------------------------------------- | Total non-current | 39,670 | 28,621 | 2,536 | 1,829 | | liabilities | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total liabilities | 86,204 | 78,089 | 5,510 | 4,991 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Share capital at nominal | 44,991 | 44,991 | 2,875 | 2,875 | | value | | | | | -------------------------------------------------------------------------------- | Issue premium | 5,698 | 7,795 | 364 | 498 | -------------------------------------------------------------------------------- | Statutory capital reserve | 4,499 | 4,499 | 288 | 288 | -------------------------------------------------------------------------------- | Currency translation | 39 | 0 | 2 | 0 | | reserve | | | | | -------------------------------------------------------------------------------- | Retained profits | 3,359 | (3,759) | 215 | (240) | -------------------------------------------------------------------------------- | Net profit for the year | 12,657 | 12,517 | 809 | 800 | -------------------------------------------------------------------------------- | Total equity | 71,243 | 66,043 | 4,553 | 4,221 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL LIABILITIES AND | 157,447 | 144,132 | 10,063 | 9,212 | | EQUITY | | | | | -------------------------------------------------------------------------------- Consolidated income statement (pro forma) -------------------------------------------------------------------------------- | | Th EEK | Th EEK | Th EUR | Th EUR | -------------------------------------------------------------------------------- | | 2007 | 2006 | 2007 | 2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | RETURN ON SALES | 249,522 | 226,868 | 15,947 | 14,500 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cost of production sold | (199,796) | (187,989) | (12,769) | (12,015) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Gross profit | 49,726 | 38,879 | 3,178 | 2,485 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Marketing expenses | (30,021) | (21,258) | (1,919) | (1,358) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | General administrative | (2,466) | (1,724) | (158) | (111) | | expenses | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other income | 206 | 526 | 13 | 34 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other expenses | (1,496) | (932) | (95) | (60) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating profit | 15,949 | 15,491 | 1,019 | 990 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Financial income and | (2,817) | (2,536) | (180) | (162) | | financial expenses | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit before taxes | 13,132 | 12,955 | 839 | 828 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Prepaid income tax | (475) | (438) | (30) | (28) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NET PROFIT FOR THE PERIOD | 12,657 | 12,517 | 809 | 800 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Basic earnings per share | 2.81 | 2.78 | 0.18 | 0.18 | -------------------------------------------------------------------------------- | Diluted earnings per share | 2.81 | 2.78 | 0.18 | 0.18 | -------------------------------------------------------------------------------- Einar Pähkel CFO +372 447 8331 einar.pahkel@viisnurk.ee